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General introduction

The world before now was such that each nation was relatively independent (self-contained)
and separated from each other by physical distance, barriers to trade, time zone, cultural
differences, language, government trade regulation and business system. Within the last three
decades, there has been a major shift from this situation toward a world in which the
perceived physical distance, the barriers to cross border trade and investment, cultural
differences and language is declining due to advance in transport and telecommunication
technologies, cross cultural integration, high interdependence of national economies and
integration of the world economy system. Today the world is fast becoming a global village.

In today’s interdependent global economy, a Cameroon might drive to work in a car design
in France and assembled in Germany by ford auto mobile from America, from components
made in japan and Austria fabricated from South African steel and Malaysian rubber. She
may fuel the car from a BP station oil Libya own by Libya, the petrol could have been made
from oil pumped in Middle East by a French oil company that transported it to Cameroon in
a ship owned by a Greek shipping line. While driving to work, the Cameroonian might talk
to her stockbroker using a headset on a Samsung cell phone that was designed in
Switzerland and assembled in Korea using chip sets produced in Taiwan that were
designed by Indian engineers working for Texas Instruments. She could tell the stockbroker
to purchase shares in MTN Telecom, a South African telecommunications firm manage by a
British. She may tum on the car radio, which was made in mixico by a chines firm, to hear a
popular gospel song composed by Frank Edward ft Don Meon, who signed a record contract
with an American music company dafe jame to promote their record in Cameroon. The
driver might pull into a drive-through Santa Lucia supper market managed by a Chinese
immigrant and order coffee and chocolate covered biscotti. The coffee beans came from
Colombia and the chocolate from Peru, while the biscotti were made locally using an Old
Italian recipe. After the song ends, a news announcer might inform the Cameroon listener
that anti-globalization protests at a meeting of the World Economic Forum in Davos,
Switzerland, have turned violent. One protester has been killed. The announcer then turns to
the next item, a story about how a financial crisis that started in the U.S. banking sector may
trigger a global recession and is sending stock markets down all over the world. This
describes the phenomenon of globalization.

This is the world in which we live. It is a world where the volume of goods, services,
and investment crossing national borders has expanded faster than world output for more
than half a century. With this phenomenon, firms’ formal home competitive advantage has
highly been weakened as several other firm selling same or similar product that most often

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are more attractive and less costly, are now providing the products in home company’s
market. This means for a firm to remain competitive she must be able to practice
international/global business and in a competitive manner so as to maintain her home
market and win a competitive advantage over rival both at the national and international
level. Hence international business is indispensable for any aspiring business person in
today’s business world

COURSE OUTLINE

CHAPTER 1: Foundations Concepts to Global Business Management

CHAPTER 2: Theories of Global Business Management

CHAPTER 3: The Global Business Environment

CHAPTER 4: Modes/Strategies of Entering the International Market

CHAPTER 5: Global Business Organization and Strategies

CHAPTER 6: Global Business management Operations

➢ Supply Chain Management

➢ Global Production and Quality Management
➢ Managing a Global Workforce

Chapter 7: Global Business Marketing and Branding

➢ Global Marketing Strategies

➢ Branding in Global Markets
➢ Digital Marketing in a Global Context

Assignments

Assignment 1: international financial instruments and tools

Assignments 2: the concept of globalization and it effects

Assignment 3: foreign exchange market and capital market,

Assignment 4: international monetary regimes

The purpose of this assignments is to permit the student fully understand issues concerning
the international business environment. This assignment will constitute 10% of the exams,
CA, will contain 20% and final exams 70%.

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CHAPTER 1: Fundamental of Global Business Management

This chapter is based on answering the follow questions:

 What is international business?

 How did it originate?

 What is its nature,

 What are its benefits and major challenges?

Section 1: The Meaning and Nature of International/Global Business

1.1. Definition of global business management

 International business is defined a process which aims at optimizing resources for the
enterprise by basing the objective of the enterprise on global market opportunities.

 It can also be also be defined as the exercise of at list one business function beyond
the national frontier.

 It is also considered as the extension of business functions to various countries aim at

satisfying the needs and wants of international customers.

 In a more complete manner, it is the processing of planning, organising, coordinating

and controlling organisational resources across national boundaries to ensure
exploitation of global market opportunities for a sustainable competitive advance.

Every business manager needs to know and understand that the aim of the business is not just
limited to the creation of the product but to assure that what is produced is effectively bought
and that those who purchase the product effectively become customers.

1.2. The origin and evolution of international business

The origin of international/Global business can be traced back to certain historical factors that
led to the acceleration of communication and transportation means, and disintermediation
of financial flows, and fall in certain trade barriers that hinder trade across national
boundaries which led to the birth of globalization and increase global competition as we
have it today. These historical factors include (30 glorious revolutions, the period of
petroleum crisis, and the period from 1980 till present).

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1) Contribution of the 30 Glorious Revolutions,

After the Second World War there was 30 years of peace and the reconstruction. The USA
launched the reconstruction of Europe under the Marshall plan in view of recovering
Europe from the war effect. This was humanitarian but also strategic in that,

➢ USA recovered the economic situation of her trading partners which led to an
increase demand for U.S exports in Europe. This led to the implantation of a
number of American filial (company branches) in eastern Europe which marked the
first step in international/global business as enterprises were bound to put in place
new methods of management to cope.
➢ Secondly, the within the two decades of peace, advanced nations (Germany, Italy,
etc.) acquired and accumulated enormous skills and competences in industrial
technologies and fabrication of emblematic products and as such was placed in a
favorable position with buyers in the home market. They as such concentrated and
intensified their effort in fabricating goods that could be highly accepted worldwide
and develop the concept of Made IN as a way to create a demand for their product
abroad.

In conclusive manner, the second world war and the successive wars of Asia and south east
favored the diffusion on a world scale of certain products such as coca cola, Jeans,
Cigarette etc. which today form what we referred to as MNC and Global.

2) The petroleum crisis (1979-1980, 1981-1984)

The two petroleum shocks played an accelerating role in the putting in place of international
business because;

• It let to the appearance of international competition,

• The search for most profitable market for petrol

• The necessity to preview the future in an uncertain universe.

3) The period from the 1980s till present

The end of the 20th century witnessed many evolutions which necessitated the redefinition of
the habitual relations that existed between countries since several centuries ago. The
evolution consists of; the collapse of the Berlin wall, the reinforcement of economic
alliance among developed countries and less develop countries, the integration of the
European Union by non-existent members (Italy, France, etc.) leading to the creation of
GATT, WTO, all favored global competitive production and trade. Countries of central and
Eastern Europe will engage in new system of economic relations. The market economic

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system will be developed which will bring in the notion of productivity and satisfaction.
This system will lead to a high penetrability of Eastern and central European market whose
rate will be highly accelerated by Multinational Corporation strategies.

Evolution of International Business

From international trade to international marketing, and to international business

Good to note is that cross border business was carried on since times immemorial. However,
the business had been limited to the international trade until the recent years. The above-
mentioned post-World War II period let to an unexpected expansion of national companies
into international or multinational companies. The term international business was not in
existence before two decades. This practice has been initiated specifically by Multinational
companies, global companies who both change the usual business practice between
countries.

They are said to have initiated international business because the usual trade barriers
imposed by different countries in view of protecting their home economies were subdued by
the multinational corporation by introducing foreign direct investments (FDI). Before the
emergence of the MNEs, foreign trade and international business were considered as same
and international trade doctrines were based on differences in the cost of production (cost
of labor), resources endowments, etc.

The multinationals undertook FDI abroad, and their innovative efforts in technological
development and management techniques, changed the traditional trade theories. This FDI is
different from the other forms of global/international business access strategies, such as
exporting, licensing, joint ventures and management contracts, franchise, etc. (to be
seen in chapters 3)

The practice of global business by firms is at different levels giving room to different forms
of global business organizations such as international companies, MNCs, Global companies
(to be seen in chapter7). The term global/international business has emerged from the term
'international marketing', which, it self-emerged from the term international trade.

Hence the period from the 1980 marked the rapid internationalization and globalization of
firms. Today the world is certainly turning more and more into a global village and as such
conducting and managing international business operations is indispensable for any
modern business success and competitiveness. However, the practice is a crucial venture
due to variations in political, social, cultural and economic factors, from one country to
another country

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1.3. Feature of International/global Business: International

Business Vs Domestic Business

Global business is a broad and generalized study of business practices, across national
boundaries. Business practices for a given product in the domestic market remain the same
in the foreign market. The main differences between global business and domestic business
include the following:

1) International firms operate in environments that are very complex and uncertain
and subject to rapid change, as compared to the domestic environment.

In this light building a successful business plan in the international market always require a
deep analysis of international business environment of the enterprise so as to collect
information on two main types of variables: the uncontrollable variables (PESTEL
ANAYSIS) and the controllable variables (micro environmental analysis) to collect info on
all the actors involved from the purchased of raw material right up to consumption of the
finish product abroad (i.e. suppliers, employees, distributors and customers). The aim of this
external environmental analysis is to identify the key factors of success in the international
market (opportunities and threats)

After haven scant the external environment, the enterprise will need to carry out internal
environmental analysis to identify her strength and weakness with respect to the target
market. Strengths are the particular competences and capabilities that the enterprise has
over her competitors that can create a competitive advantage to her over rivals (e.g.,
technical knowhow, skillful workforce, good product quality, and image, etc.). Weakness on
the other hand refers to limitation of the enterprise on a specific aspect as compared to rivals
(unadoptable strategy, weak distribution line, low financial capacity, etc)

While the domestic marketing strategy is carried out based on a SWOT analysis carried in
just a domestic country, the international business strategy or plan is build based on the
SWOT analysis of each foreign market which can hence lead to different strategies for the
same product in different international markets.

2) The international business manager needs a particular frame of mind (an electrical
state of mind).

This is so because he has to manage the diversities that characterized the international
business environment especially cultural diversity. The cultural variable varies from one
country to another and turns to influence the management choices and decisions in market.
For the manager to take a decision he must reason on the enterprise culture and at the same
time that of the foreign market concern.

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The manager must have an extended cultural sensitivity. That is, he has to know,
understand, tolerate and accept the cultural differences that exist in different market.
Failure to which can easily lead to business failure.

Moreover, the international business manager needs to have a global vision of the business
so as to be able to put in place a collaborative business strategy (across country strategy) and
acquire synergy gains

He equally needs to have an enlarged vision of the enterprise so as to be able to balance

and use the different business strategies acquired in each market to have a plus advantage by
being able to transfer and apply them from one country to another. This also includes his
ability to observe her competitors’ activities so as acquire those practices that are lacking in
the enterprise.

All of these highlighted requirements in GBM are not necessary in domestic business
management at it concerns just one market.

3) International business requires the management of the couple of uniformity and

diversity.

This requires that the international business (IB) manager will need to have at the same time
a local sensitivity and a global vision. Having a global vision permit the manager to
observe and understand the similarities between his different markets (uniformity), while
his local sensitivity permits him to understand the specificities of each country and hence the
differences that exist between countries (diversities). It is based on this similarities and
differences (uniformity and diversity) between the countries that the IB manager will be
able to know which strategic orientation to put in place for her product in each market.

In case the foreign countries have more of similarities, the strategy opted for will be strategy
of global standardization. Meanwhile, in the case of the existence of differences, she opts
for the strategy of adaption. In between these two strategies lies what we refer to as adapted
standardization or glocalization strategy. These represent the major type IB strategies that
can be adopted by the firm when going abroad. The choice of each strategy will depend on
the similarities or differences observed in the different markets.

4) The ethical risk

Ethics refers to the consciousness of the IB manager of their moral obligation in their
decision making and their responsibility of taking into account the consequences of their
strategies on the different socio-cultural and political and political context. The IB manager
may be face with several ethical questions once he introduces a new product in the foreign
market especially where the international market standards are high. As such the marketing

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manager has to take note of the sovereignty text of the consumers such as their freedom to
judge the product, supply them sufficient info about the product, and give them a freedom of
choice. Hence IB necessitates different ethical consideration on like domestic business.

Apart from this four-mention element, we can add the fact that international business deals
with different currencies.

Section 2: Motivation and Challenge of Global Business

Management

2.1. Reason for International/Global Business

Business decides to internationalize for several reason among wish is

❖ Expand Sales: Companies’ sales are dependent on the consumers’ interest in their
products or service and the consumers’ willingness and ability to buy the goods. As
such the desire to increased sales is a major motive for a company’s expansion into
international business.

❖ Acquire Resources: certain resources needed for product are less costly in the
foreign market than the home market. They include foreign capital, technologies
and information. As such a company may turn to operates abroad just to acquire
something not readily available in the home country but necessary for her to improve
its product quality and differentiate itself from competitors, and hence increase her
market share and profits.

❖ Minimize Risk: Companies seek out foreign markets to minimize swings in sales
and profits arising out of business cycle recessions and expansions which occur
differently in different countries.

❖ It could be to secure a market segment.

2.2. Major Barrier or Challenges Global Business Venture

1) Political and Legal Differences: The political and legal environment of foreign
markets is different from that of the domestic. The complexity generally increases as
the number of countries in which a company does business increases. It should also be
noted that the political and legal conditions is not the same in all provinces of many
home markets.
2) Cultural Differences: The cultural differences, is one of the most difficult problems in
international marketing. Many domestic markets, however, are also not free from
cultural diversity. This is the case of Cameroon

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3) Economic Differences: The economic environment may vary from country to country.
I.e., is the interest rate, exchange rates, rate of inflations, the business philosophy varies
among countries
4) Differences in the Currency Unit: The currency unit varies from nation to nation. This
may sometimes cause problems of currency convertibility, besides the problems of
exchange rate fluctuations. The monetary system and regulations may also vary.
5) Differences in the Language: An international marketer often encounters problems
arising out of the differences in the language. Even when the same language is used in
different Countries, the same words of terms may have different meanings. The
language problem, however, is not something peculiar to the international marketing.
6) Differences in the Marketing Infrastructure: The availability and nature of the
marketing facilities available in different countries may vary widely. For example, an
advertising medium very effective in one market may not be available or may be
underdeveloped in another market.
7) Trade Restrictions: A trade restriction, particularly tariff and non-tariff measure,
customer duties on import controls, is a very important problem, which an international
marketer face.
8) High Costs of Distance: When the markets are far removed by distance, the transport
cost becomes high and the time required for affecting the delivery tends to become
longer. Distance tends to increase certain other costs also.

END OF CHAPTER

CHATER 2: THEORIES OF INTERNATIONAL/GLOBAL BUSINESS

This chapter aim at giving you an understanding of the main theories that justify the reasons
for international trade.

Several theories permit to explain why countries engage in international business and what
they should do in other to have benefit in trade. Among these theories we can have:

The traditional trade

➢ The mercantilist,

➢ The classical

➢ The Swedish

The modern trade theories

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SECTION1: THE TRADTIONAL THEORIES OF INTERNATIONAL

BUSINESS

2.1. THE MERCANTILIST

Mercantilism by definition is a theory of the enrichment of nations through the accumulation

of precious metal (gold in particular) and the development of industries and external
commerce of the nation”. They were of different forms namely:

1. The Portugo-spanish mercantilism or Bullionism

According to this mercantilist, richest of a nation depended on the number of precious

metals it hard in stock and the number of countries which they hard control over. the
economist of this countries such as Louis Ortiz in 1588 advice their kings to take measures
that will favor the entry of gold in to the kingdom (encourage export) on one hand, and on
the other hand measures that will hinder the outflow of gold (band imports)

2. The British mercantilism or commercialism

They called for increase the quantity available for exportation by developing agriculture
production, reduce custom duties on raw materials use for the production of goods for
exports. To make more profit on export they proposed to export the products to the buyer’s
destination and they pay the shipping cost.

3. The French mercantilism or industrialism

The French mercantilism is that which promoted industrialisation of the nation and
international commerce. To this mercantilist, the government should encourage the
development of manufacturing firms that produce goods that are highly demanded abroad by
granting this firms subventions, fiscal privileges. They encouraged high exportation
(excluding wheat) and discourage imports except that of raw material for their industries.

4. the German mercantilism or cameralism

They seek to increase the public treasuries through extension of their spheres of influence to
other nations and extraction of gold.

In summary, the mercantilist theory is a theory that promoted international trade in its full
sense by promoting industrialisation, commercialisation, exportation, colonialism and
limiting imports via trade barriers like custom duties and tariffs.

Weakness of the theory

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The concept of mercantilism had two main weaknesses.

The first weakness

➢ Is the incorrect belief that gold and silver or other precious metals have intrinsic
value. In reality they cannot be used for either production or consumption. The
massive afflux of this non-productive wealth with absence of real wealth (goods) lead
to inflation in Europe especially in Spain and Portugal

The second fallacy

➢ Is that the theory of mercantilism ignores the concept of production efficiency

through specialization. Instead of emphasizing cost-effective production of goods,
mercantilism emphasizes on the accumulation of wealth with acquisition of power.

This weakness will be corrected by the classical

2.2. THE CLASSICAL THEORIES

 The classical trade theory states the fact that trade between countries is as a result of
variations in cost of production between countries.

 Unlike the mercantilist who consider that international trade is a Zero –sum game,
and richest measure in terms of gold and silver, the classical hold that it is a positive
sum game (gain –gain).

To explain the theory, they put forth the following assumptions:

 There exist just two countries producing two goods say wheat and wool

 Factors of production at the international level are immobile while goods are mobile

 Cost of production is real and measure in terms of quantity of labour incorporated

 Money is neutral

 Countries in trade are capitalist economies practicing free trade.

The classical international trade theory are of two types:

1. The theory of absolute cost advantage (Adam smith)

Considering the hypothesis of just two countries producing just two goods, each country
will specialise in the production of the good which she has the lowest cost (absolute cost
advantage) and export while importing that which she has a high cost.

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Example: consider the following table which shows the production of wine and wheat
between Great Britain and Portugal

Country / Portugal Britain

Goods

Wine 80 120

Wool 120 100

From this table it is seen that Portugal has an absolute cost advantage in the production of
win while Britain has in the production of wool.

In this light Britain will specialise in the production and exportation of wool while
importing wine from Portugal.

Portugal on her part will specialise in the production of wine for export while importing
wool from Britain. This will lead to a gain in trade by each party

The question to be answer here is What if a country now has an absolute advantage in the
production of both goods will trade still occur? smith fail to answers was. David
Richardo use this to develop the theory of comparative cost advantage

2. The theory of comparative cost advantage (David Richardo)

To David, countries should simply specialise in the in the production of those goods that they
have the lowest opportunity cost to produce and export while importing those that are to
costly producing at home.

SUMARRY:

we retain from the classical that each country in international trade will specialise in the
production and exportation of goods which they have a low cost in their product, and import
that which they have a higher cost of importation.

Weakness of the classical theories

 Not only two countries exits in the world no only two goods are produced

 The claim factors of production are perfectly mobile from one industry to another this
is not true

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 They fail to include transport cost in their conception of which its this aspect that
actually limit most of the time the benefits of trade.

 They ignored currencies and clamed cost of production is measured in labour terms.
Currencies play a big role in foreign trade and as such should not be ignored

3. THE SWEDISH THEORY

➢ It was put in place by two Swedish economist Heckscher and Ohlin. According to
this author, trade between countries is justified by differences in resource endowments
and commercial flows.

➢ To the authors, the quantity of the factors of production (land labour and capital) vary
from one countries to another. As such countries should specialise in the production
and exportation of those goods which the have the highest factors of production in
while importing that which they have the list factors of production.

➢ This implies, a country that is better endow in land than labour should will produce
goods that necessitates land than labour and will then export the excess while
importing those that require more labour.

❖ However, this theory was criticised, firstly to have not included monopoly, secondly
by Leontief who proved that this theory is not verified looking at the commercial
flows of great USA.

Section 2: Morden day global business theories

1. The theory of intra-branch and inter product specialisation.

It’s a theory recently develop at the first half of the 20th century.

It holds the fact that exchange are not universal. In effect a country can produce a good to
partly satisfy the local demand and export a fraction of the good and then re import this same
good in a more or less form to satisfy another fraction of local consumers.

We can cite the example of intra-branch specialisation in case of information and automobile
sector.

A coefficient of measurement of the level of intra-branche specialisation was put in place by

Bela Belassa. Its given as
𝑿−𝑴
IB = when IB = +1, we only export
𝑿+𝑴

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When IB= -1, we only import but not export

2. The product life cycle theory

It was developed in 1960 by Raymond Vernon. According to this theory a company in

international business will begin normally by exporting its product but within the product
life span she will take on FDI. Once done, the country’s export will become her imports. The
model was developed for the US since it is the most innovative market. It can however be
generalised to every other developed and innovative economy

3. Human Capital Approach Theory

 This theory, which is also sometimes known as Skills Theory of International Trade,
has been advocated by a number of economists, especially Becker, Kennen and
Kessing. Whereas the

 Factor Proportions Theory considers labor as a homogenous factor; however, it is not

so in the real world. In fact, for export of manufactured goods, the skill level of labor
is a very important determinant.

 Labor can be basically divided into skilled and unskilled labor. On the basis of
empirical testing Kessing concluded that patterns of international trade and location
were predetermined for a broad group of manufacturers by the relative abundance of
skilled and unskilled labor.

 For example, a developing country like India has more abundant supply of unskilled
labor will specialize and export those goods, which are relatively, more intensive in
unskilled labor. Imports, on the other hand, will consist of those goods which are hi-
tech or which is more skill intensive.

CHAPTER 3: THE Global BUSINESS MARKET ENVIRONMENT

Introduction:

 International business is much more complicated than domestic business because

countries greatly differ in terms of cultural, political, economic, social, technological
and legal systems. All these differences can and do have major implications for the
practice of international business. In general,

 They have a profound impact on the benefits, costs, and risks associated with doing
business in different countries.

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 They equally influence the way in which operations in different countries should
be managed; and the strategy international firms should pursue in different
countries.

Because of this,

 company before entering into international market, must analyze the international
business environment very carefully so as to identify the different opportunities that
these differences offer to be exploited, or the threads they pose to be handled. The
success or failure of the firm in foreign business depends on this analysis alone.

 However, it is good to note that this analysis should not be done only at the beginning
but throughout the life of the business because the international business environment
changes really fast.

 Hence, the main aim of this chapter is to permit an understanding of the differences in
the political, legal, socio-cultural, economic systems, and technological factors that
characterize the international business environment and their implication in
international business practice.

N.B: though we seek to limit ourselves just to the macro environment (PESTEL) analysis, a
good and complete environmental diagnosis will require the analysis of the micro
environment (customers, suppliers, employees, competitors, distributors, etc) and end up
with the internal environment of the enterprise to see if she has the require resources,
competences, capabilities, skills and strategy for effectuating a business venture in the said
market.

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